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Key Tax Developments in 2020. Tax Amendments in 2019

Key Tax Developments in 2020. Tax Amendments in 2019

This digest of tax changes prepared by KPMG traditionally summarises tax-related alterations of 2019 and dwells on the key amendments for taxpayers in the upcoming year.

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Mikhail Orlov

Partner, Head of Tax and Legal

KPMG in Russia and the CIS

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The year 2019 has introduced many amendments to the Russian tax system. This year, we’ve got VAT at the rate of 20%, while movable properties have been removed from taxable items.  Laws on special investment contracts have been updated, and the third stage of capital amnesty has started. Currency laws have seen large-scale amendments. Russia has continued integrating international regulations and standards of combating evasion of taxes and profit shifting. The Russian Supreme Court has summarised the practice of applying the laws on liability for tax crimes.

It is obvious that the year 2020 will be no less intense in terms of customising the tax system.

Starting from 1 January, the new rules of transfer pricing analysis of transactions with intangible assets will take effect, the list of permitted currency transactions on foreign accounts will be expanded, and the mutual agreement procedure that is new for Russia will be implemented. Thresholds for those intending to migrate to tax monitoring are expected to be reduced. There will be updates to the de-offshorisation and and additional income tax legislation.

© 2020 KPMG. KPMG refers JSC “KPMG”, “KPMG Tax and Advisory” LLC, companies incorporated under the Laws of the Russian Federation, and KPMG Limited, a company incorporated under The Companies (Guernsey) Law, as amended in 2008.

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